RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 26, 2013 No. 20/1

About approval of the Provision "About Procedure for Placement, the Repeated Offer, Additional Placement, the Return Redemption and Carrying Out Calculations with Government Securities of the Government of the Kyrgyz Republic through National Bank of the Kyrgyz Republic"

According to articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Procedure for Placement, the Repeated Offer, Additional Placement, the Return Redemption and Carrying Out Calculations with Government Securities of the Government of the Kyrgyz Republic through National Bank of the Kyrgyz Republic" it (is applied).

2. Declare invalid from the date of enforcement of regulations of the Provision "About Procedure for Placement, the Repeated Offer, Additional Placement, the Return Redemption and Carrying Out Calculations with Government Securities of the Government of the Kyrgyz Republic through National Bank of the Kyrgyz Republic" the following regulating documents of National Bank:

- The provision "About Procedure for Carrying Out Transactions by Financial Credit Institutes with the State Treasurer Bills of Exchange (STBE)" approved by the resolution of Board of National Bank No. 15/12 of June 18, 1997;

- The provision "About Activities of Primary Dealers in the Market of the Government Securities Placed through NBKR" approved by the resolution of Board of National Bank No. 31/2 of December 1, 2004;

- The provision "About Procedure for Holding the Auction on Placement of the State Treasurer Bills of Exchange of the Kyrgyz Republic through NBKR" approved by the resolution of Board of National Bank No. 42/4 of September 19, 2007;

- The provision "About Procedure for Placement, the Repeated Offer, Additional Placement, the Return Redemption and Carrying Out Calculations with the Government Treasury Bonds of the Kyrgyz Republic through National Bank of the Kyrgyz Republic" approved by the resolution of Board of National Bank No. 42/4 of November 26, 2008.

3. Publish this Resolution on the official site of National Bank of the Kyrgyz Republic.

4. After official publication to send to Legal management this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

5. This resolution becomes effective after 15 days from the date of official publication.

6. To management of monetary transactions to bring this resolution to the attention of commercial banks.

7. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Abdybala tegin Page.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of June 26, 2013 No. 20/1

Regulations On procedure for placement, the repeated offer, additional placement, the return redemption and carrying out calculations with government securities of the Cabinet of Ministers of the Kyrgyz Republic through National Bank of the Kyrgyz Republic

1. General provisions

1. This Provision determines procedure National Bank of the Kyrgyz Republic (further - National Bank) transactions by placement, the repeated offer, additional placement, the return redemption and carrying out calculations with the government securities of the Cabinet of Ministers of the Kyrgyz Republic (further - GTsB) issued by the Ministry of Finance of the Kyrgyz Republic (further - the Ministry of Finance, the Issuer) in the territory of the Kyrgyz Republic.

2. The National Bank performs transactions on placement, the repeated offer, additional (extra auction) placement, the return redemption, carrying out calculations for GTsB and depositary accounting of GTsB based on the agreement signed with the Ministry of Finance according to the Provision "About Release, Placement, the Address and Repayment of Government Securities of the Kyrgyz Republic" approved by the order of the Government of the Kyrgyz Republic of October 2, 2008 No. 556, and this Provision.

3. Government securities of the Cabinet of Ministers of the Kyrgyz Republic within this Provision are provided by the state treasurer bills of exchange (further - GKV) and the government treasury bonds (further - state treasury bills).

4. Placement and the repeated offer of GTsB is performed by National Bank on auction basis by means of the automated trade system of National Bank (further - automatic telephone exchange). The auction is held by method in case of which requests are satisfied at the prices specified in them.

5. In case of impossibility of use of automatic telephone exchange the auction is held by means of any other means allowing to hold auction.

6. The National Bank does not incur obligations on government securities of the Cabinet of Ministers of the Kyrgyz Republic.

7. Additional (extra auction) placement of GTsB (further - additional placement) - the placement of GTsB over the announced release of GTsB performed by the Issuer through National Bank on non-competitive basis. The additional placement is carried out on the weighted average price which developed at the last taken place auction for placement of GTsB of the corresponding urgency, and for the fixed coupon rate within the additional placement amount announced by the Issuer.

8. The return redemption GTsB is performed by the Issuer through National Bank and carried out at the price established by the Issuer within the amount of the return redemption GTsB announced by the Issuer.

9. Assignment of registration number GTsB is performed according to the Provision "About Procedure for Assignment of Registration Number State both to Municipal Securities and Maintaining the Register State and Municipal Securities in the Kyrgyz Republic" approved by the order of the Government of the Kyrgyz Republic and National Bank of September 13, 2010 No. 201.

10. The conditions and rules established by the Provision "About Work of the Automated Trade System of National Bank of the Kyrgyz Republic" approved by the resolution of National Bank of March 28, 2013 No. 10/18 (further - Regulations on work of automatic telephone exchange), extend to this Provision.

11. At auctions for primary placement, additional placement, the repeated offer and the return redemption GTsB the working interest owners connected to automatic telephone exchange have the participation right. Indirect participants take part at auctions, submitting applications through the commercial banks (further - banks) which are working interest owners and/or acquire GTsB in the secondary market.

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